Did you know that in 2017, sports betting reported a record-breaking
$4.9 billion in Nevada alone?
Based on these numbers, we can calculate sports betting is alive and well. If you're interested in getting into sports betting but don't know how it works, you came to the right place.
You will be the expert at understanding sports betting after reading this guide. Let's begin.
What is Sports Betting?
Sports betting is exactly what it sounds like. Those who want to bet on sports do so by staking the outcome of a sporting game or event. People who place their money on a specific sporting event, do so by trying to predict the outcome.
The
odds of sports betting are simply a representation of probability. For example, if the odds for a team are 2.3, then the implied probability is 38.5%.
Calculating Betting Payouts
In sports betting, there are three odd formats that are most frequently used decimal, fractional, and American odds.
Decimal Odds
Decimal odds are the easiest ones for people to use because their return equals each unit bet. For example, if the decimal odds are 2.43, then the bettor knows that each unit he stakes will have a 2.43 return if he wins.
Fractional Odds
Although they're a bit more complex, fractional odds are essentially decimal odds but in a different format. For example, take decimal odds 3.24, and in a fractional format, you will represent them as 9/4.
The number you see on the left is the profit you will get when you place a bet on the number on the right.
American Odds
American odds are also similar to decimal odds but represented in a different format. For American odds, a 100-unit base calculates the payout of the bet.
For example, decimal odds 3.24 will be +224 if represented in American odds.
Types of Sports Bets
Since there are different types of odds in sports betting, there are multiple types of sports bets.
Spread Bets
Spread bets calculate the outcome of a game based on after a point penalty for a certain team.
Total Bets
For total bets, bettors place their bets based on the overall result of the score in the game.
Money Line Bets
In money line bets, the bettor bets on who will win the match.
Parlay Bets
Parlay bets combine multiple selections into one bet. In order to win a parlay bet, all of the outcomes have to be favorable.
How to Place Sports Bets
Although calculating the odds is a bit complicates, placing a sports bet is quite simple. All you have to do is fill in the bet slip and choose the amount you wish to bet.
There are many places that make it quite easy for bettors to place their bets. For example,
Unibet Canada makes it simple for first-time bettors to place their bets.
Understanding Sports Betting: The Bottom Line
Now that you know the key to understanding sports betting, it's time to place your bets.
Start by learning how to calculate the odds, the types of bets, and learn where you can place your first bet.
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